Attention will turn to earnings from big tech names next week, including Amazon, Alphabet and Facebook.

The Nasdaq came off its 10-day streak of gains, its best since February 2015, after closing at record levels on Thursday.

The tech sector, however, continues to be the best performing S&P sector this year, despite concerns over stretched valuation, as investors look for growth from sectors relatively immune to a policy gridlock in Washington.

"If tech earnings were to disappoint, it might finally be the thing that causes a correction, even if it`s a small one," said J.J. Kinahan, chief market strategist at TD Ameritrade.

Still, overall earnings are expected to be good with analysts expecting earnings to have climbed 8.6 percent, above the 8-percent rise projected at the start of the month, according to Thomson Reuters I/B/E/S.

At 10:50 a.m. ET (1650 GMT), the Dow Jones Industrial Average was down 72.93 points, or 0.34 percent, at 21,538.85, the S&P 500 was down 6.03 points, or 0.24 percent, at 2,467.42.

The Nasdaq Composite was down 11.80 points, or 0.18 percent, at 6,378.20.

The S&P and the Nasdaq are on track to close higher for the third straight week.

All 11 major S&P sectors were lower, with the industrials and energy sectors leading the decliners.

Oil prices fell more than 1.5 percent after a consultancy report forecast a rise in OPEC production for July despite the group`s pledge to curb output. [O/R]